The CII has also promised to fix its long-running technology issues.

The five-year plan also recognises the financial issues faced by the CII and outlines plans to return to a “surplus position”.

The plan was released today after feedback to its 2021 Shaping the Future Together consultation.

Within the plan, the CII said it recognised the desire for the PFS - the body for Chartered Financial Planners - to become more autonomous within the wider CII group.

The CII said it would “refresh and renew” its governance and identity to “ensure both the CII and the PFS can flourish.”

The first year of the plan focuses on addressing legacy system issues and returning the CII to a surplus financial position.

The professional body also plans to undertake a major review of the role professional standards play in the context of Chartered status for individuals and corporate members.

The remaining years of the plan see the CII developing products and services intended to improve member experience as well as “stimulating interest” in the insurance, Financial Planning and mortgage advice professions.

Alan Vallance, chief executive of the CII, said: “I am delighted to announce this new plan and the detailed set of actions we will be taking over the next 5 years to achieve the institute’s mission – to educate and support our members to deliver services to the highest professional standards and to advocate for the public good."

“We are an international organisation, with members living and working in more than 150 countries around the world, and our vision is to ensure we help them in every way possible to build a world which delivers ever greater financial resilience for individuals and societies more broadly.”

Earlier this month the PFS commissioned an independent review of its governance following criticism from parent body the CII.

The 40,000 member Personal Finance Society (PFS) has appointed independent consultants Integrity Governance to carry out the review.

In February the PFS board agreed to investigate complaints from parent body the Chartered Insurance Institute that it had allowed a number of governance failings.

The CII complained about the PFS setting up new committees without CII approval and holding meetings without informing CII directors who were entitled to attend.

The CII cited governance failings as one of its key reasons for intervening at the PFS board to take control of the body late last year, a move which resulted in a major row between the two organisations.

The two professional bodies have been in deadlock in recent months on the future direction of the PFS.